The U.S. is on its way out as the world’s No. 1 oil importer, according to energy market researchers at Woods Mackenzie. That coveted (or not so coveted) title will belong to none other than China. As if anyone would be surprised.
According to the report, China will spend $500 billion a year on crude oil imports by 2020. “The price China pays will far outstrip the peak cost ever incurred by the U.S. of $335 billion annually with U.S. import spend falling to only $160 billion annually by 2020,” Wood Mackenzie said in a press release last week...............................................Full Article: Source